Situations vacant

20 March 2015 By Edward Hadas, Chris Hughes

The Swiss cement maker has reset deal terms with its French partner. That’s fair – the new exchange ratio keeps the tie-up a merger of equals. But Holcim has also managed to veto Lafarge’s Bruno Lafont as CEO. Lafarge’s concession suggests its shareholders are anxious for a deal.

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Switzerland’s Holcim and France’s Lafarge agreed new terms for their plan to create the world’s biggest cement company.

The groups have yet to agree who will run the combined entity.

Lafarge shareholders will receive nine new Holcim shares for every 10 Lafarge shares held, instead of the 1:1 ratio agreed in April last year.

Bruno Lafont, Lafarge’s chief executive, will co-chair the combination alongside Wolfgang Reitzle, currently chairman of Holcim. Lafont was previously due to stay on as CEO.

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